Interups Inc (ITUP)

[adijas]

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ITEM 8.01—OTHER EVENTS


On June 29, 2020, Registrant signed a partnership agreement with Next Orbit Growth Fund III (‘Next Orbit’ or simply ‘NOGF’), a Securities Exchange Board of India registered Category III Alternative Investment Fund (AIF) domiciled in India, to facilitate investing into an upcoming banking sector equity capital raise. Entering into the partnership, Registrant turned its agreement with NOGF to have equal investment management committee representation and share of 60% over 2% of the management fee chargeable to the investor on the NAV plus 70% of carried interest over hurdle rate. Registrant further entered into a binding commitment to raise an overall $2.0 Billion Dollars into the AIF over the next 18 months time. The AIF has no specific investment theme to follow but shall invest into listed or unlimited instruments, debt securities, commodities, REITs, InvITs, and other opportunities.


Registrant has agreed to initially place $180 Million through ‘Next Orbit’ towards purchase of 1125 Million equity shares of the bank (considered to be one of the largest private banks) if the stock is priced at around Rs 12.00 per share ($0.16 per share approximately) post-diluted. The capital raising is assumed to effected in the month of July 2020 (date yet to be determined). Into the association, Registrant shall depute ICICI Bank as the escrow manager and custodian to the ownership of Units that the AIF shall own in the bank once allotted.